Optimistic Bitcoin Prediction Amidst Market Slaughter: BTC Could Still Be On Track To $100k
The crypto market has been hit really bad the other day, and now all coins are trading in the red.
The other day, Bitcoin fell in price more than 20% in a couple of hours as the US stock hit its 5% downward limit, and this triggered a temporary halt in trading.
After that, the fall in price continued, and at one point, Bitcoin was trading around $4,700 last night.
The market is extremely volatile these days, and more analysts advise traders to be extremely cautious in such volatile times.
There are all kinds of predictions popping up today, some of them are really dark, claiming that the price of BTC will see further drops, but there are also more optimistic predictions.
We mentioned earlier that some analysts believe that Bitcoin could recover in a couple of months, and the whole crypto market could see better days then.
Analyst PlanB said that he is not bothered by the nearish Bitcoin price action.
Bitcoin still on its way to $100k?
The analyst seems to be still bullish on the long-term prospects of Bitcoin.
According to the stock-to-flow model S2F, which is used to predict BTC’s price movements, BTC is still on track to hit $100k before 2021 in December, according to data coming from the online publication the Daily Hodl.
In the past, the halving or the reduction of block rewards has preceded strong BTC bull markets.
PlanB’s model projects that BTC will begin to surge once again after the halving, which is scheduled for May.
— PlanB (@100trillionUSD) March 8, 2020
On the other hand, we believe that the global coronavirus disaster also has a word to say in the markets all over the world, and unfortunately, the crypto market is not an exception.
PlanB’s prediction might sound a bit too far-fetched these days in the present context.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.